Absolute Capital Management LLC Makes New $1.28 Million Investment in Fidelity Momentum Factor ETF (NYSEARCA:FDMO)

Absolute Capital Management LLC bought a new stake in shares of Fidelity Momentum Factor ETF (NYSEARCA:FDMO) during the fourth quarter, HoldingsChannel.com reports. The fund bought 18,400 shares of the company’s stock, valued at approximately $1,281,000.

A number of other hedge funds have also recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its stake in shares of Fidelity Momentum Factor ETF by 41.7% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 22,398 shares of the company’s stock valued at $1,559,000 after buying an additional 6,587 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Fidelity Momentum Factor ETF by 87.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 41,332 shares of the company’s stock valued at $2,877,000 after buying an additional 19,278 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Fidelity Momentum Factor ETF during the fourth quarter valued at approximately $7,223,000. Cullen Frost Bankers Inc. grew its stake in shares of Fidelity Momentum Factor ETF by 130.2% during the fourth quarter. Cullen Frost Bankers Inc. now owns 2,744 shares of the company’s stock valued at $191,000 after buying an additional 1,552 shares during the last quarter. Finally, Keystone Wealth Services LLC bought a new position in shares of Fidelity Momentum Factor ETF during the fourth quarter valued at approximately $226,000.

Fidelity Momentum Factor ETF Stock Performance

Shares of NYSEARCA FDMO opened at $65.93 on Friday. Fidelity Momentum Factor ETF has a 52-week low of $56.22 and a 52-week high of $74.53. The firm has a market capitalization of $517.55 million, a price-to-earnings ratio of 25.93 and a beta of 1.01. The stock has a 50 day moving average price of $70.37 and a 200 day moving average price of $69.19.

Fidelity Momentum Factor ETF Profile

The Fidelity Momentum Factor ETF (FDMO) is an exchange-traded fund that is based on the Fidelity U.S. Momentum Factor index. The fund tracks an index large-cap US stocks selected for positive momentum signals. FDMO was launched on Sep 12, 2016 and is managed by Fidelity.